One of the most important things Americans need to do before they can get Social Security benefits is to save for retirement. At the moment, the average amount of money Americans of all ages have saved for retirement is $89,300.
Even though this number is not ideal, it makes sense since a lot of people still have decades to save for retirement.
A worrying fact is that people in their 60s have only $112,500 saved for retirement, which is less than half of what Americans save.
Over 60s often near the end of their careers and do not have as much time to save as younger people do to reach a level that will allow them to enjoy a comfortable retirement.
This shows that a lot of people who are getting close to retirement age will likely depend on Social Security to pay their bills. In this case, getting the most out of your Social Security benefits is very important.
How to increase Social Security checks?
Make sure you have a 35-year work history
This is probably the most important step you can take, although it can be difficult if you’ve been out of work for a few years-your Social Security retirement benefits are calculated based on your highest 35 years of earnings.
If you do not have 35 years of work history, the years you do not have will be counted as zero earnings, which can greatly reduce your benefits. For people with gaps, getting as close to that year’s number as possible will be very helpful.
Many people would rather retire early, but it can be good to keep working until you have at least 35 years of earnings. Part-time work can also help your earnings history if you can not or do not want to keep working full-time.
Verify the accuracy of your earnings record
The Social Security Administration (SSA) figures out your benefits based on what you have earned in the past. If these records are wrong, your benefits could go down.
To avoid this, check your Social Security earnings statements on a regular basis. You can do this on the SSA website. If you find any mistakes, like earnings that were not reported, you should report them right away and have them fixed.
Delay claiming Social Security benefits until age 70
Those born after 1960 can start getting Social Security benefits at age 67, which is also known as the full retirement age (FRA).
You can, however, get more money each month if you wait to apply after your FRA. Your benefit will go up by about 8% for every year you wait, up to age 70.
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